Harbour Investments Inc. Buys 222 Shares of Otis Worldwide Co. (NYSE:OTIS)

Harbour Investments Inc. boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 11.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,174 shares of the company’s stock after purchasing an additional 222 shares during the quarter. Harbour Investments Inc.’s holdings in Otis Worldwide were worth $226,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. PineStone Asset Management Inc. boosted its position in shares of Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Otis Worldwide by 3,673.6% in the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after acquiring an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after acquiring an additional 907,972 shares during the last quarter. Sarasin & Partners LLP increased its holdings in shares of Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in shares of Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after purchasing an additional 786,897 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays cut their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Finally, UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $104.57.

Otis Worldwide Stock Down 0.6 %

Shares of OTIS opened at $99.10 on Monday. The company has a market capitalization of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04. Otis Worldwide Co. has a 52 week low of $83.21 and a 52 week high of $106.33. The stock’s 50-day moving average price is $100.41 and its 200-day moving average price is $97.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 EPS. As a group, equities analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. Otis Worldwide’s payout ratio is 38.90%.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.